Four lawsuits against two of my clients were dismissed last month after the National Collegiate Student Loan Trust (NCSLT) was unable to prove it was entitled to collect the private student loans my clients allegedly owed. After filing motions to dismiss in each of the lawsuits I argued NCSLT had failed to prove how it was the “real party in interest” when the original loans had been with JPMorgan Chase. What Did The Judge Propose? The judges gave NCSLT threeRead more

Consumer complaints about debt collection have increased. Between 1999 and 2009, complaints to the Federal Trade Commision about collection agencies, debt buyers, collection attorneys and mortgage servicers increased from 10,000 to almost 90,000. The growth in the “debt buying” industry has led to many of these new complaints. Each year creditors write off hundreds of billions of dollars in debt that they believe to be uncollectible. But for the consumers who owe the debt the story doesn’t end there. ForRead more

Most people are at least somewhat familiar with the Fair Credit Reporting Act (FCRA) requirement that the big three credit bureaus (Equifax, Experian and TransUnion) report only accurate information about someone’s credit. What is less known is that other agencies besides these three must also comply with the requirements of the FCRA. For instance, specialty reporting agencies that collect and disseminate information about consumers also covered. The Medical Information Bureau (MIB) collects and sells personal health information. CoreLogic SafeRent screensRead more

A recent study confirms what many of us have known for some time: Filing Chapter 13 bankruptcy is one of, if not the best way to keep people in their homes Researchers from North Carolina looked at the cases of nearly 4,300 homeowners across the country. All of whom were more than 90 days late on their 30 year fixed rate mortgages. The study said that when homeowners filed bankruptcy, sales of their home were 70% less likely to occurRead more

The Fair Credit Reporting Act requires that when a consumer sends a dispute to a credit bureau, it should forward that dispute to the creditor reporting the inaccurate information. The credit bureau must give the creditor all information related to the dispute The creditor must then review the information and conduct an investigation into whether the report is accurate If the creditor determines the disputed information is inaccurate it must correct the description of the account The Consumer Financial ProtectionRead more

Before filing a bankruptcy we often advise clients to move bank accounts to another lender where they don’t owe any debts. When a borrower defaults on a debt to a lender, that lender can offset the defaulted debt against any funds they’re holding in an account. There are restrictions on a lender’s right to setoff funds however. One of the most important is that the FCBA prohibits a credit card issuer from offsetting funds in an account to satisfy aRead more

Clients considering a Chapter 13 bankruptcy are often afraid they’ll be stuck in a payment plan they can’t afford if something changes. Your life doesn’t stop just because you file Chapter 13 bankruptcy so the chances of unforeseen circumstances disrupting a budget are good. Some clients go the entire 3-5 years without needing a modification but don’t worry if something happens that requires a change in the plan payment. Unforeseen Circumstances May Include Job loss car repairs home repairs medical bills, taxRead more

Two recent studies document the serious health risks of not dealing with high debt levels. First New Study The latest study published in August 2013 from researchers at Northwestern University’s School of Medicine looked at the psychological and general health conditions of young adults between the ages of 24 and 32. The study found that adults with high debt had: increases in high blood pressure higher levels of perceived stress symptoms of depression Previous studies had found similar correlations betweenRead more

What Is Co-Signing? Co-signing a loan for someone means you’re making yourself fully responsible for repayment of the loan. While there may be an agreement between the co-signers as to who is going to make the payments, the lender doesn’t need to honor that agreement. They just want to see the loan repaid, regardless of who pays. What Happens When You Include Chapter 13? When a Chapter 13 bankruptcy is filed an “automatic stay” goes into place that prevents lendersRead more

Bank of America Lied? It probably won’t come as a shock to homeowners with a Bank of America mortgage loan. In affidavits filed in federal court in Boston last month, several former Bank of America employees claimed they were told to lie to homeowners about the status of their mortgage modification applications. According to the former employees, Bank of America instructed them to lie about: if mortgage modification documentation had been received whether their application was being reviewed or theyRead more

Contact us today. We can help.

Name*

Email*

Phone

Message

Comments

This field is for validation purposes and should be left unchanged.

Nancy L. Thompson, Attorney

Nancy has over thirty years of experience helping consumers, small businesses with their debt problems. She received her Bachelor's Degree in Political Science from Iowa State University and her J.D., with honors, from the University of Iowa College of Law. Nancy is currently the Iowa State Chair for the National Association of Consumer Bankruptcy Attorneys. She is a member of the Iowa State Bar Association,the National Association of Consumer Bankruptcy Attorneys and the National Association of Consumer Advocates.

Client Testimonials

Nancy, I just wanted to send a note of thanks for helping me through this whole process. You have been very kind and I truly appreciate that. I know we will have to do a few more things about the house but I feel so much better knowing that your professionalism and trust is “watching my back.” – Liz